Care Investment Trust had previously been a subsidiary of Tiptree, Inc. (Nasdaq: TIPT), which will become Mainstreet’s largest shareholder upon completion of the deal, assuming 34% ownership.

“We believe this transaction and the addition of Tiptree as another cornerstone investor will bolster our position in the market and position Mainstreet for the next phase of its growth,” Mainstreet CEO Scott White said in a statement announcing the acquisition.

“This transaction is further evidence of the embedded value in our platform, with a sophisticated investor making a significant investment in our company,” White said.

The deal gives Mainstreet 35 new independent living, assisted living, and memory care properties, along with seven skilled nursing facilities (SNFs), in 11 states. That’s 3,718 additional suites and beds for the investment firm, bringing its post-acquisition total to 8,536 across 80 properties in the United States and Canada.

Of the new properties, 24 have long-term triple-net leases with existing operators; through joint venture arrangements with the remaining 18, Mainstreet will own a majority stake in both the real estate and operations. The new portfolio has a resident mix of about 80% private pay, according to an investor presentation released by Mainstreet.

Once approved, the transaction will significantly reduce Mainstreet’s exposure to skilled nursing and transitional care facilities, cutting the concentration of those assets from 69% to 48%. The deal also allows the company to slash its concentration of Symphony-owned assets, which would dip from 56% to 32%, and diversify its portfolio geographically: A full 54% of the company’s assets consist of facilities in Illinois, a number that would drop to 31% after completion of the transaction.

The deal still requires approval from the Toronto Stock Exchange and Mainstreet’s shareholders, with an expected completion date by the second quarter of 2018.

In addition, the post-transaction Mainstreet will take the name Invesque, Inc. As of Friday morning, the company’s website was branded with the Invesque name, though the company said an official moniker switch will require a shareholder vote scheduled for January 3, 2018, in Toronto.

“Management believes that the rebranding and related name change will eliminate any possible confusion around the use of the Mainstreet name and other entities that use a similar name,” the company said in a statement announcing the shift.

The Canadian Mainstreet previously had shared management and an asset management agreement with the Carmel, Indiana-based Mainstreet, a privately-held developer. The Toronto-based firm established an entirely separate management structure when it made its initial public offering on the Toronto Stock Exchange in June 2016.

“Invesque provides the company with a unique and recognizable name,” the company said. “The company seeks to establish a global brand and presence with a clearly defined name.”